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The development will be constructed under the company's new PMGx multifamily housing division, which comprises “social living” rental communities that cater to professionals who seek a more community-oriented lifestyle.

One of the world's best-known academic hubs, Boston continues to benefit from top-ranked universities. However, the city's affordability issues are pushing students out of core submarkets to the outskirts of the MSA.

Valdok, a seven-story, 178-apartment community, is located in the city’s Ballard neighborhood. Axle, an eight-story, 226-unit community seeking LEED Gold certification, is situated in the city’s Interbay community.

The project is being built within the Cainhoy Plantation, a 9,000-acre, grocery-anchored, master-planned development. Leasing is expected to begin next spring, and the development is slotted for completion by fall 2018.